CALGARY, AB, March 22, 2022 /CNW/ - Whitecap Resources
Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to
announce that the Toronto Stock Exchange (the "TSX") has approved
an amendment to Whitecap's normal course issuer bid (the "NCIB") to
increase the number of common shares that Whitecap may purchase for
cancellation from 29,894,096 common shares to 58,947,076 common
shares during the twelve month period commencing on May 21, 2021. No other terms of the NCIB have
changed. The amendment to the NCIB will take effect on March 24, 2022 and expire no later than
May 20, 2022.
As of May 10, 2021, at the time
the original NCIB application was made to the TSX, Whitecap had
597,881,930 common shares issued and outstanding and 589,470,760
common shares issued and outstanding in its public float. The
58,947,076 common shares approved under the amended NCIB represent
the maximum number of common shares that may be purchased under the
TSX's NCIB rules, being 10% of the public float as of May 10, 2021. As of the date hereof, Whitecap has
purchased 22,826,223 common shares under the NCIB at a weighted
average purchase price of $6.84 per
share for a total purchase price of $156.1
million.
Under the NCIB, common shares may be repurchased in open market
transactions on the TSX and other alternative trading platforms in
Canada and in accordance with the
rules of the TSX governing NCIB's. The total number of common
shares Whitecap is permitted to purchase is subject to a daily
purchase limit of 913,135 common shares, representing 25% of the
average daily trading volume of 3,652,542 common shares on the
TSX calculated for the six-month period ended April 30, 2021, however, Whitecap may make one
block purchase per calendar week which exceeds the daily repurchase
restrictions. Any common shares that are purchased under the NCIB
will be cancelled upon their purchase by Whitecap.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and
forward-looking information (collectively "forward-looking
information") within the meaning of applicable securities laws
relating to the Company's amended NCIB. Forward-looking information
typically uses words such as "anticipate", "believe", "continue",
"trend", "sustain", "project", "expect", "forecast", "budget",
"goal", "guidance", "plan", "objective", "strategy", "target",
"intend", "estimate", "potential", or similar words suggesting
future outcomes, statements that actions, events or conditions
"may", "would", "could" or "will" be taken or occur in the future,
including statements about our amended NCIB.
The forward-looking information is based on certain key
expectations and assumptions made by our management, including
expectations and assumptions concerning prevailing commodity
prices, exchange rates, interest rates, applicable royalty rates
and tax laws; the impact (and the duration thereof) that the
COVID-19 pandemic will have on (i) the demand for crude oil, NGLs
and natural gas, (ii) our supply chain, including our ability to
obtain the equipment and services we require, and (iii) our ability
to produce, transport and/or sell our crude oil, NGLs and natural
gas; the ability of OPEC+ nations and other major producers of
crude oil to adjust crude oil production levels and thereby manage
world crude oil prices; future production rates and estimates of
operating costs; performance of existing and future wells; reserve
volumes; anticipated timing and results of capital expenditures;
the success obtained in drilling new wells; the sufficiency of
budgeted capital expenditures in carrying out planned activities;
the timing, location and extent of future drilling operations; the
state of the economy and the exploration and production business;
results of operations; performance; business prospects and
opportunities; the availability and cost of financing, labour and
services; the ability of Whitecap to achieve the benefits of the
NCIB; the impact of increasing competition; ability to efficiently
integrate assets and employees acquired through acquisitions;
ability to market oil and natural gas successfully; and our ability
to access capital.
Although we believe that the expectations and assumptions on
which such forward-looking information is based are reasonable,
undue reliance should not be placed on the forward-looking
information because Whitecap can give no assurance that they will
prove to be correct. Since forward-looking information addresses
future events and conditions, by its very nature they involve
inherent risks and uncertainties. These include, but are not
limited to: the risks associated with the oil and gas industry in
general such as operational risks in development, exploration and
production; pandemics and epidemics; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of estimates and projections relating
to reserves, production, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate
fluctuations; interest rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to
complete or realize the anticipated benefits of acquisitions or
dispositions; ability to access sufficient capital from internal
and external sources; failure to obtain required regulatory and
other approvals; reliance on third parties and pipeline systems;
and changes in legislation, including but not limited to tax laws,
production curtailment, royalties and environmental regulations.
Our actual results, performance or achievement could differ
materially from those expressed in, or implied by, the
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do so, what
benefits that we will derive therefrom. Management has included the
above summary of assumptions and risks related to forward-looking
information provided in this press release in order to provide
security holders with a more complete perspective on our future
operations and such information may not be appropriate for other
purposes.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. Additional information on these and other factors
that could affect our operations or financial results are included
in reports on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com).
These forward-looking statements are made as of the date of this
press release and we disclaim any intent or obligation to update
publicly any forward-looking information, whether as a result of
new information, future events or results or otherwise, other than
as required by applicable securities laws.
SOURCE Whitecap Resources Inc.